Supreme Court of India
Dmai
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that reading the relevant portion of sub-section (1) of Section 80-I alongwith the definition of "priority industry" in Section 80-B(7), it must be held that the profits and gains arising from import and sale of spare parts was attributable to the industry (priority industry) carried on by the assessee.
Judgment, page 3
From the headnote
JUDGMENT: J U M N T .P. JEEVAN REDDY, J. In these appeals preferred by the assessees against the decision of the Madras High Court, the words "attributable to" occurring in Section 80- /80-I of the Income Tax Act fall for consideration. The following question was referred to the High Court under Section 256(1) of the Income Tax Act. "Whether on the facts and in the circumstances of the case, it has been rightly held that the assessee would be entitled to relief under Section 80- and 80-I of the Income-Tax Act, 1961 for the assessment years 1966-67 and 1967- 68 respectively on the income…
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